Topic: The safest way to store Bitcoin is in your memory - page 2. (Read 554 times)
24 words is VERY easy to forget. I wouldnt recommend anyone doing this. I constantly forget my 4 digit pin on the bank and i use it all the time... sometimes your mind just bugs out and you lose important information (maybe you can remember it later, but would you gamble your entire portfolio on this?). Just get a hardware wallet and keep your seed secured and in a safe place, much easier and less stressful.
I do not understand those people who are still having their private keys or their seeds on a hard disk, it is not safe, probably having the money on coinbase is more safer than having it in a hard disk.
if you are going to store your coins by that way, then why dont you spend $65 and buy a ledger nano? Or just $79 and buy a trezor (which is much more safer than the Ledger, and noob-friendly)
I have a ledger, and a trezor too, and i can really say that both are much more safer than just having your coins on a hard disk, or just using a paper wallet.
It is ideal to have the paraphrase stored may be not in your computer, It can be in hard disk and also memorizes the paraphrase in case there is no access to the hard disk.
if you are going to store your coins by that way, then why dont you spend $65 and buy a ledger nano? Or just $79 and buy a trezor (which is much more safer than the Ledger, and noob-friendly)
I have a ledger, and a trezor too, and i can really say that both are much more safer than just having your coins on a hard disk, or just using a paper wallet.
I am not good on memorizing words so I don't think this would help me though there are instances where I could remember some passphrase still I am afraid to do it with my bitcoin because the moment we forgot our phrase that't the moment we will lost every bitcoin we have in our wallet but I try one thing that is sending my code in every email address I have atleast with that I always have a back up
I do not think that remembering a lot of words that are not related to each other in terms of semantic meaning as a seed for entering a hardware purse with bitkoy, is a good way to store access to your wallet. It is necessary to take into account that each has his own temperament, mentality and after a while they will begin to doubt their memory, become nervous, panic and lose access to their wallet. It is better to hide somewhere a copy of the printed seed or a floppy disk with the necessary information.
It is ideal to have the paraphrase stored may be not in your computer, It can be in hard disk and also memorizes the paraphrase in case there is no access to the hard disk.
This is a good thing, and i know a friend who is doing exactly the same in order to protect his bitcoins, but i think that it is useless, what if you have an accident and you lost your memory? You will lost all your life savings too.
I disagree, i really think that having all your funds in hard wallet is the most safest thing (and we agree on that) but the whole thing about remembering the phrase is a mess, i would not suggest it to anyone, specially because of what i said before it, you can easily lose your funds if you have an unexpected accident.
4. Create a story which can help you remember all the seed words in order
I disagree, i really think that having all your funds in hard wallet is the most safest thing (and we agree on that) but the whole thing about remembering the phrase is a mess, i would not suggest it to anyone, specially because of what i said before it, you can easily lose your funds if you have an unexpected accident.
Your savings are safer than ever now.
yeah I agree with your opinion and suggestion mate, I think for me the safest way to protect bitcoin write your password or privatekeys in a piece of paper and store it into vault and anything happen in our life like the memory lost make sure your privatekeys tell your very trusted person example mother, son especially wife or husband.
This is a good thing, and i know a friend who is doing exactly the same in order to protect his bitcoins, but i think that it is useless, what if you have an accident and you lost your memory? You will lost all your life savings too.
Having lost your memory means that you are not you anymore, therefore who cares what happens to this other person?
Also, losing the memory means you'd forget your password to your hardware wallet anyway.
This is a good thing, and i know a friend who is doing exactly the same in order to protect his bitcoins, but i think that it is useless, what if you have an accident and you lost your memory? You will lost all your life savings too.
I disagree, i really think that having all your funds in hard wallet is the most safest thing (and we agree on that) but the whole thing about remembering the phrase is a mess, i would not suggest it to anyone, specially because of what i said before it, you can easily lose your funds if you have an unexpected accident.
4. Create a story which can help you remember all the seed words in order
I disagree, i really think that having all your funds in hard wallet is the most safest thing (and we agree on that) but the whole thing about remembering the phrase is a mess, i would not suggest it to anyone, specially because of what i said before it, you can easily lose your funds if you have an unexpected accident.
Your savings are safer than ever now.
This is how you do it:
1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)
Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.
4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.
Your savings are safer than ever now.
1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)
Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.
4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.
Your savings are safer than ever now.
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